baudroie,inc.
4413・Prime Market・Information & Communication
Business
Boardroom Inc. is an operating company specializing in the IT infrastructure field, centered on servers, networks, security, and cloud. It provides an end-to-end offering encompassing IT Consulting, Multi-vendor Deployment Support, Managed Services, and Cloud Platform Implementation Support. Its main customers are companies included in the Nikkei 225/400/500 or enterprise companies with revenue of ¥500 million or more, and it serves a wide range of industries including IT/telecommunications, finance, distribution, healthcare, and government agencies. The company listed on the Tokyo Stock Exchange Mothers market (now the Growth Market) in November 2021, and has been expanding its business base while also utilizing M&A. According to IDC Japan forecasts, the domestic IT infrastructure services market is expected to reach ¥2,461.9 billion by 2028, and the company is positioned as a specialist player in this growing market.
Business Model
Revenue is broadly divided into Flow-type (one-off project design, construction, and consulting) and Stock-type (recurring monthly maintenance and operations). On a non-consolidated basis, both engines expanded in FY2025 (ending February 2025), with Flow-type revenue of ¥3,811 million and Stock-type revenue of ¥3,398 million. The business has a virtuous cycle in which Flow-type projects transition into the maintenance and operations phase and convert into Stock-type revenue, while day-to-day Stock-type engagement generates new Flow-type project opportunities. Deepening penetration among enterprise customers has improved per-project unit prices and profitability, and the focus on advanced technology areas (cloud, security, SDN, etc.) underpins a high gross margin (36.6%).
Company Strengths
Revenue expanded rapidly from ¥5,244 million in FY2023 to ¥7,330 million in FY2024, ¥11,650 million in FY2025, and ¥17,423 million in FY2026 (ending March 2026). Operating profit growth rates for FY2025 and FY2026 reached 55.2% and 37.8%, respectively, and the FY2026 operating margin remained at a high level of 19.5% (21.1% under IFRS in FY2025).
The company has 882 CCNA-certified and 388 CCNP-certified engineers (as of February 2025), and specializes in advanced technology areas such as SDN, security, load balancers, and cloud. Revenue from advanced technology services grew at an annual rate of over 20%, from ¥1,370 million in FY2021 to ¥4,559 million in FY2025, with this high level of specialization serving as a source of competitive advantage.
Stock-type revenue on a non-consolidated basis increased every period, from ¥1,543 million in FY2020 to ¥3,398 million in FY2025. Contracts continuing for one year or longer have been expanding year by year, providing structural stability in that maintenance and operations demand continues as long as systems remain in operation. The mutual interplay with flow-type revenue enhances the sustainability of earnings.
ENVALITH's Perspective
Performance Trend
Revenue expanded roughly 4.4x over four periods, from ¥3,923 million in FY2022 to ¥17,423 million in FY2026. In Q1 of FY2027 (ending February 2027) (March–May 2026), the company achieved revenue of ¥5,407 million (up 60.8% year on year), operating profit of ¥846 million (up 39.4% year on year), and quarterly profit attributable to owners of the parent of ¥588 million (up 34.5% year on year). The operating profit margin remained at a high level of 15.6%. As external factors, corporate IT/DX investment demand, expanding AI utilization, cloud adoption, and advancing cybersecurity sophistication continue to serve as tailwinds. On the other hand, uncertainty over the economic outlook stemming from US trade policy and geopolitical risk exists as a downside risk. There is no change to the full-year forecast (revenue of ¥23,500 million, operating profit of ¥4,409 million), which targets year-on-year increases of 34.9% and 30.0%, respectively.
Growth Strategy
Continued high growth driven by a three-pronged approach: enterprise customer deepening, advanced technology capability enhancement, and M&A
Securing stable earnings through strengthened relationships with major customers included in the Nikkei 225/400/500 or with revenue of ¥500 million or more. In the first quarter as well, the Company promoted improved deal acquisition and strengthened relationships with existing major customers, contributing to a 60.8% increase in revenue.
Continuing to strengthen capabilities in advanced technology areas such as cloud, load balancers, security, wireless, and network virtualization. Capturing expanding demand for IT infrastructure investment driven by growing AI adoption, cloud proliferation, and increasingly sophisticated cybersecurity requirements.
Continuing in-house training that enables early development of young engineers and assignment design tailored to technical skill stages. In the first quarter as well, the Company maintained high-quality service provision, contributing to securing a high operating margin (15.6%).
Actively utilizing M&A, including the newly consolidated 4 companies in FY2026 (ending February 2026). Goodwill balance at the end of the first quarter was ¥4,936 million (32% of total assets). Non-current borrowings increased approximately 83% from the previous fiscal year-end, suggesting continued fundraising for M&A activities.
Allotted the 7th Series Stock Acquisition Rights (839,400 underlying shares, exercise price ¥2,394) effective June 30, 2026. The exercise condition is EBITDA exceeding ¥7,451 million (in FY2029 (ending February 2029) or FY2030 (ending February 2030)), an incentive design linking medium- to long-term performance improvement with talent retention.
Last updated: July 17, 2026